Workday is a cloud-based software vendor that specializes in human capital management (HCM), enterprise resource management (ERP), and financial management applications. It delivers an all-in-one package that’s designed for medium-to-large-sized companies, especially companies with multiple locations. This is achievable with features like: payroll management, time tracking, human resource management (HRM), data analysis and more. It claims its use of a single, cloud-based database for both HCM and financials. This provides better integration and embedded business intelligence across business functions than is available in most ERP systems. In 2013, the vendor added Workday Big Data Analytics. These are prepackaged analytics tools that can combine Workday data with data from third-party sources.
- Makes it as easy as possible for employees to track their time, whether they clock in and out using a desktop, tablet, or mobile device. For companies that do require physical time clocks, they can integrate with Workday via an API.
- Its talent management suite includes tools to improve managing, developing, and rewarding employees. It contains functions perfect for management, including onboarding, goal management, performance management, succession planning, and career and development planning.
- Its operations, policies, and procedures are audited regularly to ensure that Workday meets and exceeds all standards expected of service providers.
- It relies on the Advanced Encryption Standard (AES) algorithm with a key size of 256 bits. This encryption can be achieved because it is an in-memory object-oriented application as opposed to a disk-based RDBMS application.